entrepreneurship intro

8/3/2019 Entrepreneurship INTRO

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SAE

Entrepreneurship



SAE

What is an Entrepreneur?

• An Entrepreneur (ahn’tra pra nur)is a person who organizes andmanages a business undertaking,assuming the risk for the sake of profit. Any person (any age) whostarts and operates a business is anentrepreneur.



SAE

Entrepreneurship

• Agricultural students have been

entrepreneurs since the beginningof agricultural education.



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Entrepreneurship

• The Smith-Hughes Act of 1917(which provided federal fundingfor agricultural programs) requiredall students to have anentrepreneurship program – butthey weren’t called entrepreneursback then.



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Early Entrepreneurship

• These early entrepreneurshipprograms were called differentnames: – Farming Program

– Productive or ProductionEnterprises

– Ownership



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Early Entrepreneurship

• The early SAE Entrepreneurship

program primarily involved: – Raising Livestock

– Growing Crops



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Entrepreneurship Today

• Today, agricultural students areinvolved in many different types of entrepreneurial activities.

• Entrepreneurship in agriculture can

still be raising livestock andgrowing crops, but it can be much,much more than that.



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Agricultural Entrepreneurship

• Entrepreneurship: The student plans,

implements, operates and assumes financial

risks in a farming activity or agriculturalbusiness. In entrepreneurship programs, the

student owns the materials and other

required inputs and keeps financial recordsto determine return to investments.



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Agri-Entrepreneurs Example

• Lawn Maintenance Service



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• Raise and Sell Fishing Bait



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• Custom Crop Harvesting



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• Pet Sitting Service



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• Fishing Guide



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• Tractor and Farm Equipment Detailing



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• Operating a Roadside Marketing Selling

Produce



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• Making and Selling Christmas Wreathes



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• Operating a Small Engine Repair Service



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Three Aspects of Entrepreneurship

• 1. The identification/recognition of market

opportunity and the generation of a business

idea (product or service) to address theopportunity



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• 2. The marshalling and commitment of

resources in the face of risk to pursue the

opportunity



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• 3. The creation of an operating business

organization to implement the opportunity-

motivated business idea



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Successful Entrepreneurs

• According to the Small Business

Administration, successful

entrepreneurs have five characteristics: – Drive, which is defined as the most important

attribute. Entrepreneurs can expect long hours,

high stress and endless problems, as theylaunch a new business.



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entrepreneurs have five characteristics: – Thinking Ability, or the characteristic that

encompasses creativity, critical thinking,

analytical abilities and originality.



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• According to the Small BusinessAdministration, successful

entrepreneurs have five characteristics: – Aptitude for Human Relations. This

characteristic recognizes the importance of theability to motivate employees, sell customers,

negotiate with suppliers and convince lenders.Personality plays a big part in success in thisarea..



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entrepreneurs have five characteristics: – Communication Skills, or the ability to make

yourself understood.



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• According to the Small BusinessAdministration, successful

entrepreneurs have five characteristics: – Technical Ability speaks to the need of the

entrepreneur to know their product and theirmarket. They must consider the long- and

short-term implications of their decisions, theirstrengths and weaknesses, and theircompetition. In short, they need strategicmanagement skills.



SAE

Entrepreneurship

• Some advantages

– You are your own boss – Enjoy the profits from you efforts

– Sense of pride in your business

– Flexibility in your work schedule



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Entrepreneurship

• Some disadvantages – Will need to put in long hours

– Need money to start

– Have to keep up with government rules and

regulations

– May have to mark hard decisions (hiring, firing,etc.)

– May lose money



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FFA and Entrepreneurship

• During the past decade the Kauffman

Foundation has supported a new FFA

initiative to support entrepreneurshipactivities

– Awards program (and money)

– Video “You’re the Boss” – Materials

http://www.agriculture.com/contents/FFA/partners/council/98ae_web_stuff/index.html





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FFA Agri-Entrepreneurship Program

• Each state recognizes the agricultural

student who has the best entrepreneurship

program.• There is cash award of $100 at the state

level.

• All entries at the state level go on fornational competition.



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FFA Agri-Entrepreneurship Program

• At the national level, 10 outstanding

entrepreneurship students are recognized.

• There is cash award of $1000 for eachnational winner

• The FFA chapters of the national award

winners each receive $500.

entrepreneurship intro

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